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HMRC approaches record ten million self-assessment barrier

THE TEN MILLION BARRIER for self-assessment tax returns is set to be beaten this year as HM Revenue & Customs confirmed it had already received 7.8 million submissions to date, with a further 2.6 expected by the 31 January deadline.

Last year, a record 9.61 million filed their returns on time by what is one of the busiest days of the year for accountants and tax practitioners.

With 10.34 million people in self-assessment in 2011/12, 92.9% paid their dues on time in 2013, leaving around 730,000 people facing the consequences of late payment.A record 1,566 online returns on Christmas Day in the run-up to 2014’s deadline, up from 1,548 the year before.

The busiest day over the festive period, however, was Christmas Eve, when 17,000 individuals booted up their computers, got their financial information together and sent an online tax return; a 19% leap on the 14,330 in 2012.

Boxing Day saw a further 4,493 people send their returns – a 4%fall from the 4,685 received last year.

In total, 23,059 online returns were received over the three-day period, a 12% increase on the 2012 total of 20,563.

As far as submissions over New Year are concerned, 26,905 returns filed New Year’s eve and 12,938 filed New Year’s Day.

The deadline for sending 2012/13 tax returns to HMRC, and paying any tax owed, is 31 January 2014.